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_. 1 c~~}... Ot~5734 equipment to the full insurable replacement value thereof, and with a separate less payable endorsement in favor of the t~6ort- gages, Trustee or Beneficiary of each unit. Such policy or policies shall permit the waiver of subrogation and shall pro- vide that the insurance comaany or companies will not look to the board of directors or other governing body of the asso- ciation ar any unit owner for the recovery of any loss under said golicy or policies. Such policy or policies shall not be cancelable except a€ter ten (lOj days' written notice tc the Lender and in the case of a Deed of Trust both to the Trustee and the Lender and a copy of a duplicate of such policy or policies shall be deposited with the Lender and. in the case of a Deed of Trust boot the Trustee and Lendier with evidence of the payment of premiums and with renewal polici'e's to be deposited with the Landau and in the case of a Deed, of Trust 6otYt the Tntstee and Lender not later than ten C10) days prior to the expiration of existing policies. In the event that the policy or policies of insurance maintained by the board of directors or outer governing body insures the Property only on a contingent or conditional basis which requires the individual unit owner to provide his own insurance on his unit, then the Borrower sha12 do so in the ._,s.-.^er St3tL''a.. ... ~.3r1y^r1~1-`: ., v. _..~ `?~r.r-.._,. ~, 4i n,., E,~ of .~..St. °7-`° Anything hereinabove to the ::ontrary notwithstanding, inmttte event the board of dzrectors car rsther ;loverning body or Borrower fails or refuses to prowx.de the insurance coverage as above pr~tvdtt-3, tt;e ancfor, :zt _..s L.locLl;; may- r,rovide sire irsuz•- ance witkt extended coverage, ~,,andalism and ...ali.,zous ..._schief enckorsements coverinu the Prop~:rty for its herefit asmBsneficiary an3 may add t?te k,remium therefor to the unpaid balance of the indebtedness secured hereby. In the evert that the board of directors or other governing body does furnish insurance on the entire building and the ?rcperty as above provided and in the event of damage to or destruction of the building or any part thereof or of the ?roperty, the Lender shall, if the pro- ceeds of insurance collectible by the board of directors or other governing body are sufficient to repair or restore the building and such restoration or repair is economically feasible and the security of this :HOrtyaye or Ueed of Trust is not thereby impaired, permit the proceeds of such insurance atfect- ing the Property to be disbursed by the board of directors or otter governing body for the purpose of regairtr;:; anti restortn the building. 5. T.he E3orrr~wer shall ~ r=~mptiy .- -. 3~ c_!;e _~.~~ ~c:~r~;Re due and payaY,le, all payments to t;'ie ~-aititr;rtartc:r =andYreserve fu[~is and all assessments as required -y the faster Deed, Bylaws and the board of directors or other<;ov€~znir.=; body aztd shall promptly upon demand exPtibit to the Lendez receipts for all such payments_ In the event that the Borrower fails icy ma1Ce 811Ch L1$i"d~nt9 a5 t4tE_ 4ac~ Y_,t",t~%'tme+ -ittu n.? rain k1-n_ nrinr rosy from ti[r~e to tiAhe, at its option Lrut »ithoutrany~obiiyatiai~y so to do, and without notice to or demand upon the Borrower, make ouch payments, and the :~atde shall !~ added to the dent scouted ;tereby, and she~ii bear interes± usttil repaid at the rate of 11.00! par annumr provided, ;soweve:r, that the failure